|Date||6 March 2006|
|Offeror/applicant||Gibbston Valley Wines Limited|
|Ultimate applicant beneficial ownership||48.56 percent - United States of America, Griffith (Philip)|
36.76 percent - New Zealand, Stone (S and M)
5.48 percent - United States of America, United States Public
4.9 percent - New Caledonia, New Caledonian Public
4.04 percent - New Zealand, New Zealand Public
0.26 percent - United Kingdom, United Kingdom Public
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||59.2 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Perriam (John Charles and Heather Lorna) of New Zealand|
|Business activities||Agriculture - Horticulture & Fruit - Viticulture|
|Details of land involved||10.5 hectares of freehold situated at Schoolhouse Terrace, Bendigo being part CT 44931 (Otago Registry).|
|Consent sought - 1995 Regs||To acquire an estate or interest in land which together with any associated land exceeds five hectares in area.|
The application has been approved as it met the criteria.
The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.
The Applicant operates a vineyard and winery operation with associated restaurant and tourist activities in Central Otago. The Applicant has previously acquired land totalling 39.8288 hectares located in Central Otago.
The subject property is part of a viticultural subdivision of Bendigo Station undertaken by the vendor. The subject property was previously used by the vendor for pastoral grazing. By owning its own land and growing more of its own grapes the Applicant aims to exercise greater control over the vines and the supply and the quality of those grapes.
The acquisition will ensure a continuation/enhancement of the benefits created by the Applicant's business operations including increased market competition, the development of new export markets and the creation of new employment opportunities. It will also result in economies of scale through the efficient utilisation of the Applicant's resources.
The proposal is likely to result in the following benefits:
Anderson Lloyd Caudwell
Private Bag 1959